Euroseas Ltd. (NASDAQ:ESEA) Short Interest Down 36.4% in October

Euroseas Ltd. (NASDAQ:ESEA) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 7,700 shares, a decrease of 36.4% from the October 15th total of 12,100 shares. Based on an average daily volume of 45,300 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.3% of the shares of the company are sold short.

Euroseas Stock Performance

Euroseas stock traded up $1.58 during mid-day trading on Thursday, hitting $41.71. 14,741 shares of the company’s stock traded hands, compared to its average volume of 40,706. Euroseas has a one year low of $26.20 and a one year high of $50.92. The firm has a 50 day moving average price of $43.68 and a 200 day moving average price of $40.68. The company has a quick ratio of 1.41, a current ratio of 1.46 and a debt-to-equity ratio of 0.52. The company has a market cap of $292.39 million, a PE ratio of 2.37 and a beta of 0.88.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC lifted its holdings in shares of Euroseas by 49.6% in the first quarter. Acadian Asset Management LLC now owns 71,763 shares of the shipping company’s stock valued at $2,570,000 after purchasing an additional 23,796 shares in the last quarter. Inspire Investing LLC purchased a new stake in Euroseas in the 3rd quarter worth about $913,000. Lazard Asset Management LLC lifted its stake in Euroseas by 3,282.3% in the 1st quarter. Lazard Asset Management LLC now owns 8,219 shares of the shipping company’s stock worth $294,000 after acquiring an additional 7,976 shares in the last quarter. Redhawk Wealth Advisors Inc. acquired a new stake in Euroseas during the 2nd quarter worth about $248,000. Finally, Squarepoint Ops LLC grew its stake in Euroseas by 42.5% during the 2nd quarter. Squarepoint Ops LLC now owns 12,135 shares of the shipping company’s stock valued at $424,000 after acquiring an additional 3,617 shares in the last quarter. 6.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ESEA. StockNews.com downgraded Euroseas from a “buy” rating to a “hold” rating in a research note on Tuesday. Alliance Global Partners started coverage on shares of Euroseas in a research report on Monday, September 9th. They set a “buy” rating and a $60.00 price target for the company.

About Euroseas

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.